Am I reading too much into this?

[Riick]

We have met the enemy...and it is us!

All too often -after being on this forum a few months.

 

[Mark to market]

This is a notification from CW..Am I resding this correctly???

Effective January 28, 2008, Countrywide will no longer allow AVMs and insured AVMs as acceptable valuation methods for home equity lines of credit (HELOC) or closed-end home equity loans (CES).

The last day to lock or register a loan under current guidelines is January 25, 2008. The latest acceptable effective date of an insured AVM is February 8, 2008, regardless of when the loan was locked or registered.

All commitments will be honored through the expiration date and no extensions will be granted.

The Seller's Guide will be updated the first week in February 2008.
If you have any questions, contact your Account Executive.

Mark

Great news, thanks for posting

 

[PropertyEconomics]

Does anyone know if Bank of America uses AVMs in any type of lending program?

 

[Mike Kennedy]

http://www.bankofamerica.com/loansandhomes/index.cfm?template=hc_home_worth&adlink=0003022063890000c520

 

[Ross (CO)]

Can one explain the different meanings between their mention of just an AVM versus the specific mention to an "insured" AVM ?

 

[Mike Kennedy]

http://www.mbaa.org/files/Library/IssuePapers/AutomatedValuationModels.pdf

PAGE 3 - MIDDLE

Seems they can't either.

 

[Mike Kennedy]

This firm (and others) can ........

http://www.nextgeninfo.com/content/view/36/34/

 

[Mike Kennedy]

http://www.nationalmortgagenews.com/fraud/stories/?storyid=20071002c.htm

Caveat: All Insured AVMs Are Not Created Equal
Just as the term “health insurance” covers a wide variety of policies, insured AVMs come in many shapes and sizes. Some insured AVMs are not AVMs at all, requiring additional special certifications, such as property inspection reports or other forms of field reviews, essentially negating the speed and cost benefit inherent in the AVM approach.

 

[sos]

"The AVM Plus takes the speed and economy of the AVM a step further. It includes a warranty backed by an Errors & Omissions insurance policy that manages the lender's risk against possible valuation inaccuracies."

I wonder if this is Skippys E & O policy?????

 

[Elliott]

One small step for CW who's leaders took a big company and
made it into a "in lieu of bankruptcy" take over company.
Who would be dumb enough to lend money to CW at this
point with their track record of losing billions of it?